GT Bicycles Inc.: The Santa Ana designer...

GT Bicycles Inc.: The Santa Ana designer and manufacturer of bicycles said third-quarter net income grew to $3.6 million, or 37 cents a share, $234,000, or 3 cents a share, for the comparable period in 1995. The company said it received $1.3 million in life insurance proceeds during the quarter after the death in July of Richard Long, former president and chief executive. Sales advanced 37% to $52.4 million from $38.3 million. GT had its initial public offering in October 1995.

For the first three quarters of 1996, net income climbed to $8.1 million, or 81 cents a share, from $1.3 million, or 18 cents a share, a year ago. Sales were up 21% to $145.4 million from $120 million.